Home Selling in 89074>Question Details

Zanne Stone, Real Estate Pro in Reno, NV

Buyers agent picked up hoa pk. on Dec 15th. didn't give to buyers till Dec 18, cancelled Dec 22,who gets emd money/ Henderson

Asked by Zanne Stone, Reno, NV Mon Jan 30, 2012

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What does your question have to do with who picked up the HOA package? You have a certain number of days to go over the HOA. If, after that time, you decide to cancel and it is in writing. The escrow is cancelled and the EMD goes back to the buyer because you disagree with the HOA.
0 votes Thank Flag Link Mon Jan 30, 2012
When did the buyer's due diligence start and end?

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Feb 18, 2013
If you would like an exp on call attorney to review your contract and to give you legal advise to determine who will end up getting the earnest money deposit back vist http://equaljustice.tk
for immediate legal help.
0 votes Thank Flag Link Tue Nov 27, 2012
It is difficult to answer your question without seeing your contract. What I can tell you is this: If your Purchase Agreement was written to be contingent upon your approval of the Seller's Resale Package, that package must be given to you no later than 10 days prior to closing according to Nevada Law. If you cancel after reviewing the package, it would depend on how your Purchase Agreement addressed this specific contingency.
This is why the question you have asked is difficult to answer. My suggestion would be to have a sit down with the agent that represented you and their managing Broker to discuss the matter.
0 votes Thank Flag Link Mon Jan 30, 2012
Buyers do in Nevada. Better now then later in the transaction like after inspection or finances.
Count your blessings, there are plenty of buyers out there now.
0 votes Thank Flag Link Mon Jan 30, 2012
Tricky question. In Nevada buyer's have 5 days from receipt of HOA pk. to agree or decline transaction based on HOA rules and regs, which ostensibly happened if you accept that the date of delivery to the buyer was Dec. 18 and buyer responded by Dec. 22. The real question is whether or not the agent was unable to deliver to buyer due to circumstances beyond agent's control, i.e. buyers were out of town. I had this situation happen to me a while back and I informed the seller's agent, so we extended the time limit. If the seller refuses to refund deposit, I would suggest that you get some legal advise.
0 votes Thank Flag Link Mon Jan 30, 2012
Hello Zanne,

I just noticed you were in Phornix, AZ. I responded earlier with info about Nevada. Here we have the Nevada Revised Statues. NRS 116.4109 specifically addresses resale of homes in Common Interest Communities (HOA's) and the Resale Package delivery. A link to Nevada's specific statute is below. Also, on page 1 of 4, paragraph 1 of our form "Before you Purchase in a CIC, Did you Know..." addresses this issue. Maybe you have a similar form in AZ. Hope this helps you!

Brenda
0 votes Thank Flag Link Mon Jan 30, 2012
All depends how many days you had for due diligence. Also, you had a 5 days for reviewing the HOA package. In those 5 days you could cancel the transaction and get your money back. Your agent should be able to advise you as well.
0 votes Thank Flag Link Mon Jan 30, 2012
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